For Q2 2013, Google reported $14.11 billion in revenue, which is a 19 percent increase from the year-ago quarter. However, Wall Street expected $14.41 billion.

Google's Q2 earnings took a tumble, coming in at $9.71 per share compared to $10.13 per share in the year-ago quarter. Analysts expected $10.78 per share for the most recent quarter.

These numbers didn't seem to please investors. Google shares closed at $911 yesterday, which was down from a previous close of $919. According to Reuters, Google shares were expected to open 4 percent lower today after brokerages cut price targets as low as $860 from highs like $915.

Another reason for the lower price targets is Google's changes to its advertising system in order to boost revenue from mobile users. The Android maker started offering the same ads on both PCs and mobile devices earlier this year, but the cheaper ad rates on mobile devices hurt the company's margins.

But Q2 showed that advertising revenue went up 15 percent from $11,902 billion in Q2 of 2012 to $12,061 billion in Q2 2013.

Earlier this month, it was announced that Google and Motorola Mobility were willing to spend as much as $500 million on Moto X advertising -- the first flagship phone by Motorola since being acquired by Google.

Google's net income for Q2 came in at $3.23 billion, which represented an increase from $2.79 billion in the year-ago quarter.

“Google had a great quarter with over $14 billion in revenue – up 19% year-on-year,” said Larry Page, CEO of Google. “The shift from one screen to multiple screens and mobility creates tremendous opportunity for Google. With more devices, more information, and more activity online than ever, the potential to improve people’s lives even more is immense.”

Some other interesting points from Google's earnings report is that there are now 750 million Chrome users; 900 million Android devices have been activated to date (with about 1.5 million each day); Google Play has had 15 billion app downloads, and the worldwide employee count fell from 53,891 as of March 31 to 44,777 as of June 30 (mainly due to the loss of Motorola Home).